Comments from the Managing Director:
“Sales for the first quarter of 2018 amounted to SEK 157 million, which was an increase of 13% (excluding foreign exchange effects) compared to the corresponding period last year. Revenue for the first quarter of 2017 included compensation, from the agreement with Kabaya Ohayo in Japan, for knowhow, education and launch preparations. Adjusted for this revenue, sales rose by 18% (excluding foreign exchange effects).
The growth in revenue was fueled mainly by robust development in the EMEA and Americas regions. I am also particularly pleased with the continued fine performance in Eastern Europe and Brazil as well as strong sales to the USA where our close collaboration with our partners is now yielding results,” says Axel Sjöblad, Managing Director BioGaia AB.
First quarter 2018
(Figures in parentheses and comparative figures in the text refer to the corresponding period of last year. The comparative figures in the balance sheet refer to 31 December 2017).
Net sales totaled SEK 156.6 million (141.1), an increase of 11% (excluding foreign exchange effects, 13%).
Net sales in the Pediatrics segment amounted to SEK 131.7 million (110.8), an increase of 19%.
Net sales in the Adult Health segment amounted to SEK 24.4 million (26.5), a decrease of 8%. Revenue for the first quarter of 2017 included compensation, from the agreement with Kabaya Ohayo in Japan, for knowhow, education and launch preparations. Adjusted for this revenue, sales in Adult Health rose by 24%.
Operating profit amounted to SEK 56.2 million (56.1). The company has a changed accounting standard with effect from 1 January 2018, which means that foreign exchange gains/losses on forward contracts are recognized in operating profit or loss (previously among financial items). These amounted to SEK -9.0 million (+0.3). In the event of unchanged standards, operating profit would have amounted to SEK 65.2 million (55.8), an increase of 17%.
Profit after tax was SEK 43.2 million (42.9), an increase of 1%.
Earnings per share amounted to SEK 2.49 (2.47). No dilutive effects arose.
Cash flow amounted to SEK 39.8 million (77.5). Cash and cash equivalents at 31 March 2018 amounted to SEK 347.9 million (305.9).
Key events in the first quarter of 2018
Two additional meta-analyses confirm the positive effect of BioGaia’s drops for infant colic.
Agreement with Abbott for the rights to sell BioGaia Protectis tablets in China.
Launch of BioGaia Protectis tablets with vitamin D on the Swedish market.
Launch of BioGaia’s products for oral health in Sweden, Denmark, France, Belgium and the Netherlands.
Launch of BioGaia Protectis drops in India.
Key events after the end of the first quarter
BioGaia increases its ownership in MetaboGen.